Bessent takes his plan to isolate Iran's economy to G20
US Treasury Secretary Scott Bessent will press G20 countries to join in isolating Iran's economy during the group's finance gathering this week. The campaign, called "Operation Economic Outcast," aims to force Iran to reopen the Strait of Hormuz by cutting off countries that do business with Iran from the US dollar-based system. The effort faces challenges as G20 members like China, India, Russia, and Turkey have strong economic ties to Iran, and analysts doubt the group will endorse it.
Why it matters: This relates to the theme of economic statecraft, as the US uses financial pressure to achieve geopolitical objectives.